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Oct 17, 2013
10/13
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previous debt ceiling and the fiscal cliff of january of last year. instead of a revolt among republicans, he was lauded by many of the hardest hard core tea party republicans. they felt he had fought the good fight, he just did not win, they came up short. >> mike, i want to ask you about that. i'm looking at the vote done in the house and basically the house bill passed with democratic support. in fact, overwhelming democratic support, but not overwhelming republican support. is speaker boehner's speakership threatened? >> not in the short term. that is a bit of a surprise. as i was saying, i think he faced a choice between risking his speaker ship and putting that on the floor or risking the world economy and he did the second. he allowed his own internal dynamic within the republican conference to exhaust itself and punch themselves out to the point of exhaustion. you saw that last night. they didn't even bother to show up on the house floor to debate this thing. i've neve seen anything like it in 23 years of covering washington, something of that
previous debt ceiling and the fiscal cliff of january of last year. instead of a revolt among republicans, he was lauded by many of the hardest hard core tea party republicans. they felt he had fought the good fight, he just did not win, they came up short. >> mike, i want to ask you about that. i'm looking at the vote done in the house and basically the house bill passed with democratic support. in fact, overwhelming democratic support, but not overwhelming republican support. is speaker...
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Dec 9, 2013
12/13
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cliff deal that they struck on new year's day of 2013. it raised taxes on higher income earners. it's been by extracting more from the american people and not by the government controlling it's out of control spending. >> raised payroll taxes to where it was for decades before they were cut in an emergency. >> but to american families, that now decreased the amount of money that they bring home. >> when you look at healthcare costs, social security and pension, that's where all the growth is. healthcare is the biggest driving factor. with that we're cutting roads, highways, education, medical research, the things that we ought to be investing in because we're holding sacrosank for folks my age. which i appreciate very. but to end the deficit we need growth. economic growth. that's why we had surpluses at the end of the clinton administration, because we had growth. part of the reason the deficit is likely to come down the future to some degree is because the economy looks better over the longer term than we thought it was going to be. but
cliff deal that they struck on new year's day of 2013. it raised taxes on higher income earners. it's been by extracting more from the american people and not by the government controlling it's out of control spending. >> raised payroll taxes to where it was for decades before they were cut in an emergency. >> but to american families, that now decreased the amount of money that they bring home. >> when you look at healthcare costs, social security and pension, that's where...
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Oct 11, 2013
10/13
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there was a similar reaction in january when congress agreed too a deal to avoid the fiscal cliff. later on we'll discuss on about today's optimism on wall street was premature. >>> national parks are still closed down. in youtub utah five counties hae declared a state of emergency because the parks are not generating revenue. governors in four states have asked for the authority to re-open national parks. the department of the interior says it will if the states can fully fund their own workers. the price for the first ten days of the government shutdown that is $2.7 billion. that is according to economic coon salconsultants. with 750,000 employees off the job americans are starting to feel the pain. >> in colorado people who depend on tourism are suffering from the closure of rocky mountain national park. >> if in washington the people in washington don't find a way to work together, i don't know what will bh become of this country. the obama administration says they will let states use their own money to re-open parks. but one govenor says his state can't afford it. the farmers
there was a similar reaction in january when congress agreed too a deal to avoid the fiscal cliff. later on we'll discuss on about today's optimism on wall street was premature. >>> national parks are still closed down. in youtub utah five counties hae declared a state of emergency because the parks are not generating revenue. governors in four states have asked for the authority to re-open national parks. the department of the interior says it will if the states can fully fund their...
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Oct 15, 2013
10/13
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cliff deal. this time it will be different. with two days to go before possible default, house conservatives are back on the sidelines, while mitch mcconnell searches for a last-minute deal with democrats. >> perhaps tomorrow will be a bright day. we're not there yet, we hope it will be. >> reporter: a meeting called by the president for 3:00 pm today, was postponed, people saw that as a positive side. and both house and senate will meet tomorrow to look at the details of this deal that is now on the table. >> all right. mike, thanks. >>> and look at the reaction on wall street today. the dow started out losing money, and then the joint press conference happened, and the stocks rose. let's bring in ali velshi. ali all of this stuff about nervousness and jittery wall street it has not come to fruition has it? >> yeah, and there were some worries is that a bad thing or a good thing? all of this, though, is not of consequence. what is of consequence is if we don't get there. so 60 points up, 100 poi
cliff deal. this time it will be different. with two days to go before possible default, house conservatives are back on the sidelines, while mitch mcconnell searches for a last-minute deal with democrats. >> perhaps tomorrow will be a bright day. we're not there yet, we hope it will be. >> reporter: a meeting called by the president for 3:00 pm today, was postponed, people saw that as a positive side. and both house and senate will meet tomorrow to look at the details of this deal...
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Oct 15, 2013
10/13
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they were dismayed when forced to swallow the fiscal cliff deal. this time it was to be different. they failed to tie it to obamacare. house conservatives are on the sideline and mitch mcconnell, another target of conservative mistrust searches for a last-minute deal with democrats. >> perhaps tomorrow will be a bright day. we are not there yet. we hope it will be. >> negotiations are at a sensitive stage it was viewed at a positive development when a meeting called by the president at the white house between republicans and democrats, house and senate leaders were postponed because they were hammering out details behind closed doors. >> now here is the timetable members of congress are facing. on 17 october the government will no longer be able to borrow money. the treasury says there's $30 billion in the coffers, running out between october 17th and 22nd. social security, veterans and medicare may be on hold. 22 october default if bills not paid. finally, november 15th, another $29 billion interest payment is due. if the economy slows and tax payments fall short, a default could
they were dismayed when forced to swallow the fiscal cliff deal. this time it was to be different. they failed to tie it to obamacare. house conservatives are on the sideline and mitch mcconnell, another target of conservative mistrust searches for a last-minute deal with democrats. >> perhaps tomorrow will be a bright day. we are not there yet. we hope it will be. >> negotiations are at a sensitive stage it was viewed at a positive development when a meeting called by the president...
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Oct 10, 2013
10/13
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the last time anything like that happened was in january when a deal was done over the fiscal cliff. david shuster will be talking about that in "real money" tonight. he is filling in for ali velshi. david get me in the heads of wall streeters. what are investors thinking? >> investors are thinking that republicans starting to pull back a little bit, and perhaps democrats and the white house will warm up to some kind of deal that are raise the debt ceiling and also essentially get the government to reopen. wall street doesn't care so much about the brood negotiation, they want the government to go back to normal, and let the economy be most influenced by housing, auto sales, the fed, all of that translates into an economy that is starting to rebound, and as soon as the government gets out of the way, investors are betting that that rebound will continue. >> david what might a debt deal look like? >> a debt deal if you go back to what president obama was talking about two years ago, this grand bargain to figure out ways to close the gap between what the government brings in and how mu
the last time anything like that happened was in january when a deal was done over the fiscal cliff. david shuster will be talking about that in "real money" tonight. he is filling in for ali velshi. david get me in the heads of wall streeters. what are investors thinking? >> investors are thinking that republicans starting to pull back a little bit, and perhaps democrats and the white house will warm up to some kind of deal that are raise the debt ceiling and also essentially...
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Jan 3, 2013
01/13
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here's my quick take on this whole fiscal cliff deal. you know what? i give it only one cheer out of a possible three. that's because congress averted recession by extending and making permanent nearly all the bush tax cuts. clearly this helped create today's huge rally in stocks. okay, that is good, no recession. and the upper end tax hikes probably turned out to be less onerous than investors feared. but it's not great, virtually no spending cuts. in fact, as the prior segment noted, a 41: 1 ratio of tax revenues to spending cuts is just appalling. besides economic growth, washington has to understand spending is the real problem for deficits and debt. and lastly, why is this country taxing the most productive earnings? investors in small business owners. it's just class warfare nonsense. it reduces incentives for the long run. it's all wrong. i'm for free market economic prosperity, not class warfare. let me just tell you this. taxing rich people, taxing upper end successful earners, you can't tax your way into prosperity. you can't tax your way int
here's my quick take on this whole fiscal cliff deal. you know what? i give it only one cheer out of a possible three. that's because congress averted recession by extending and making permanent nearly all the bush tax cuts. clearly this helped create today's huge rally in stocks. okay, that is good, no recession. and the upper end tax hikes probably turned out to be less onerous than investors feared. but it's not great, virtually no spending cuts. in fact, as the prior segment noted, a 41: 1...
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Jan 2, 2013
01/13
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up next, new details on how we got to the tax deal that averted the fiscal cliff, and if the well is poisoned for future debt and deficit negotiations. >> that and much more coming up on the most important hour of the trading day. stay with us. power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses i've always kept my eye on her... but with so much health care noise, i didn't always watch out for myself. with unitedhealthcare, i get personalized information and rewards for addressing my health risks. but she's still going to give me a heart attack. that's health in numbers. unitedhealthcare. >>> welcome
up next, new details on how we got to the tax deal that averted the fiscal cliff, and if the well is poisoned for future debt and deficit negotiations. >> that and much more coming up on the most important hour of the trading day. stay with us. power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over...
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Jan 3, 2013
01/13
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as the paint dries on tuesday's fiscal cliff deal. joining us from new york is peter orszag citigroup's grown banking vice chairman, also the former director of 9 office of management and budget. great to see you. >> good morning. >> before we get into what's happening next i just wanted to get your views on what just happened. are you happy, are you unhappy? >> we've passed the midterm. the final exam is coming up. it's a pass. lots of good things. a permanent amt fix. i'm actually worried this is outside the, you know, political conventional wisdom but i'm worried that we've now locked into a revenue base by making even the middle class tax cuts permanent that doesn't really work in 2020. but that wasn't ever going to be any different. so it's a pass. >> to the extent that that's true are you thinking whatever the next negotiations ultimately become about that there really is a new discussion about new revenue enhancers, new taxes, whether it be a v.a.t. or something else we haven't discussed? >> i think that's the big question. whi
as the paint dries on tuesday's fiscal cliff deal. joining us from new york is peter orszag citigroup's grown banking vice chairman, also the former director of 9 office of management and budget. great to see you. >> good morning. >> before we get into what's happening next i just wanted to get your views on what just happened. are you happy, are you unhappy? >> we've passed the midterm. the final exam is coming up. it's a pass. lots of good things. a permanent amt fix. i'm...
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Jan 4, 2013
01/13
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this is buried in the fiscal cliff deal. you don't know about it unless you scoured the papers today. and the worst, crooked tradition of crony capitalism, tax breaks are littered across this bill for american big business and their fat big lobbyists. as much as $80 billion in tax breaks. you, the ordinary taxpayer are going to have to pay for this nonsense, which is why i want tax reform simplification. let's bring in tim carnie, washington examiner, author of "obamanomics." i read your piece this morning before i got to the washingtll street's journal. i used the word $80 billion but it's supposedly $40 billion in specially targeted tax credits. why is this nonsense still going on? >> i came up with the number more like $75 billion. it's a number of existing tax credits and tax breaks that were supposed to expire at the end of the year along with the fiscal cliff. and late in the negotiations, the white house insisted on keeping many of these tax credits. so what they did is they base -- they copied and pasted a bill that
this is buried in the fiscal cliff deal. you don't know about it unless you scoured the papers today. and the worst, crooked tradition of crony capitalism, tax breaks are littered across this bill for american big business and their fat big lobbyists. as much as $80 billion in tax breaks. you, the ordinary taxpayer are going to have to pay for this nonsense, which is why i want tax reform simplification. let's bring in tim carnie, washington examiner, author of "obamanomics." i read...
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Jan 2, 2013
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stocks up on fiscal cliff deal. all i want to point out if you look at the numbers and stocks have been up big on the first trading day the last four years, all i'm saying is that is probably the major factor here. back to you. >> i tell you, keep is here on the first day of trading. my true love gave to me a statistic that will blow your mind. listen to this, bob. here you go. if the s&p closes up double digits for the ppreceding year s negative like 2012 and if a left-handed oboe player is playing, the index is una hundred percent of the time in the following year with average gain of 12.5%. you got me there? it looks like we will be up 12.5%. he used to be an independent trader but is beginning a new deal with o'neill securities today. >> thank you very much. thank you very much. >> which means he will be with us. >> that is a good thing. >> as you forecast a look ahead to 2014, what kind of year do you expect? >> i think a better year. economist, strategists are talking about how the economies around the world,
stocks up on fiscal cliff deal. all i want to point out if you look at the numbers and stocks have been up big on the first trading day the last four years, all i'm saying is that is probably the major factor here. back to you. >> i tell you, keep is here on the first day of trading. my true love gave to me a statistic that will blow your mind. listen to this, bob. here you go. if the s&p closes up double digits for the ppreceding year s negative like 2012 and if a left-handed oboe...
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Jan 2, 2013
01/13
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in the meantime, back to the issue of raising the fiscal cliff deal. i want to bring in the head of the fix the debt campaign. maya, give it to us point blank. how would you race it? >> i think the description i gave to your producer doesn't work on a family friendly show. this is pathetic. if there wasn't a moment to fix this problem, i don't know when we will do it. this fiscal cliff meant to replace the bad policies that did too much deficit reduction too quickly. instead, we did an 1 17b8g hour deal, bare minimum, really just the political system at its worse and we need to rise to the fiscal challenges and put in place a sensible plan. otherwise the economy, households, the whole country is continuing to pay a real price for congress and the white house's inability to fix these problems. are it is really disappointing. >> how do we fix it? we showed graphics from what people get for entitlements, versus what they spend. and cross income levels. people that make a hundred thousand a year, 500,000 households as a matter of fact. it seems that everyb
in the meantime, back to the issue of raising the fiscal cliff deal. i want to bring in the head of the fix the debt campaign. maya, give it to us point blank. how would you race it? >> i think the description i gave to your producer doesn't work on a family friendly show. this is pathetic. if there wasn't a moment to fix this problem, i don't know when we will do it. this fiscal cliff meant to replace the bad policies that did too much deficit reduction too quickly. instead, we did an 1...
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Jan 2, 2013
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the fiscal cliff deal moving the commodity marks as well. let's go a few blocks to the east and go to sharon epperson to the nymex. >> brian, happy new year to you. in oil and metals, we have brent crude prices rallying, pretty much across the board. when you look at the fact that the fiscal cliff deal was averted, and the risk on among the traders, brent crude prices approaching what we may see is a new technical level. above 112 lds a barrel. the next level to watch is $113.25. the 200 moving day moving average for the first time since september, we're looking at a high since september for u.s. oil futures and even gold prices are moving higher here. continuing this when we've seen 12 straight years for positive gains for the gold market. but traders say a key is the close above the 1,682 level. there is a down side to look at, and that is what happened to natural gas prices. natural gas prices hit a high overnight. we've seen heavy volume in a bit of a recovery here in natural gas prices. still, above normal temperatures are forecast for
the fiscal cliff deal moving the commodity marks as well. let's go a few blocks to the east and go to sharon epperson to the nymex. >> brian, happy new year to you. in oil and metals, we have brent crude prices rallying, pretty much across the board. when you look at the fact that the fiscal cliff deal was averted, and the risk on among the traders, brent crude prices approaching what we may see is a new technical level. above 112 lds a barrel. the next level to watch is $113.25. the 200...
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Jan 3, 2013
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cliff, all of washington turns its attention one day after the fiscal cliff deal to the next fiscal cliff and that's going to be a fight over the debt ceiling coming in march. the treasury department has said it has some running room here to deal with the u.s. debt ceiling, but it will run out eventually, likely end of february or early march for that. and the deal that was just done here in washington did nothing about the so-called sequester, which is that dramatic series of spending cuts other than punt it for two months. that means early march will be another battle in spending in washington. if that's not enough, coming at the end of march will be a fight over what they call the continuing resolution. that keeps the american government financed and up and running. that runs out on march 27th which sets up another big battle over whether or not they can keep the government functioning here in washington, d.c. all of that is poisoning the atmosphere here in washington as people coming off this latest deal with bruised feelings and they know they have to go into another very tough
cliff, all of washington turns its attention one day after the fiscal cliff deal to the next fiscal cliff and that's going to be a fight over the debt ceiling coming in march. the treasury department has said it has some running room here to deal with the u.s. debt ceiling, but it will run out eventually, likely end of february or early march for that. and the deal that was just done here in washington did nothing about the so-called sequester, which is that dramatic series of spending cuts...
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Jan 4, 2013
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that fiscal cliff deal, well it is laidened with billions of dollars worth of pork. today we asked you on the yahoo! finance.com question, is pork the only way to pass important lemgs lags these dayes. 25% say sadly it is the only way to get things done in washington. 3% say acceptable in extreme measures but 72% of you say that pork should be banned. >> let's see what is coming up on "street signs." they always deliver the bacon. mandy? >> hi, sue. congress approved the initial $9.7 billion to go towards sandy insurance claims this morning. we had congressman greg meeks in support of that. we have another guest who said congress voted no. it is going to be an amazing debate. the euro turns 14 today. happy birthday, euro. has it been a success? what would it cost you, and i'm not just talking about the initial outlay, but upkeep, garden webs staff, dresses, everything that goes with it, well talk about that with robert frank as well. back to you on "power lunch." >> can't wait for that one, mandy. thank you very much. this is a booming section of the tobacco industry
that fiscal cliff deal, well it is laidened with billions of dollars worth of pork. today we asked you on the yahoo! finance.com question, is pork the only way to pass important lemgs lags these dayes. 25% say sadly it is the only way to get things done in washington. 3% say acceptable in extreme measures but 72% of you say that pork should be banned. >> let's see what is coming up on "street signs." they always deliver the bacon. mandy? >> hi, sue. congress approved the...
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Jan 2, 2013
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let's look at the fiscal cliff deal. the legislation extends the bush tax era, bush era tax cuts for those individuals making less than $400,000 or if you're married $450,000. estate tax goes up five points to 40%. over $5 million. but would have gone to 55% for anyone over a million dollars. but there is plenty the deal doesn't do. no additional spending cuts immediately. of course we'll do those later. that's nothing -- don't be worry good that. >> we have $110 billion in sequester. >> yeah. >> it gets pushed off to the time -- about the same time -- >> doing this in a month and a half. >> the debt ceiling was not addressed. we'll face mini cliffs. the buttons are going nowhere. involving the debt ceiling, the farm bill expiration and unemployment benefits running out. the markets ended a strong -- we ended strong for the year of 2012. up 166 if you recall on new year's eve even though the fiscal cliff tax dragged on well beyond the 11th hour. futures, as we said, are surging this hour. starting off the new year with a
let's look at the fiscal cliff deal. the legislation extends the bush tax era, bush era tax cuts for those individuals making less than $400,000 or if you're married $450,000. estate tax goes up five points to 40%. over $5 million. but would have gone to 55% for anyone over a million dollars. but there is plenty the deal doesn't do. no additional spending cuts immediately. of course we'll do those later. that's nothing -- don't be worry good that. >> we have $110 billion in sequester....
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Jan 3, 2013
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two days after reaching that fiscal cliff deal and pressure is already on them to get back to work. the folks behind the fix, debt campaign campaign with print ads saying, hold the applause. i'm getting nods of agreement from mr. polcari. can a divided house get dem dprats missouri? democrat from tennessee, thank you, we appreciate you being here on "power lunch." >> it is good to be here. >> you voted no on the recent debate in congress. how do you plan to vote on the debt ceiling debate coming up? >> i think that depends upon what we will see will happen in the debt ceiling debate. obviously wbt reason i voted no on this bill is it did not do anything it fix the root of the fiscal problem. that is our spending is out of control. so i want to see that we are going to get some spending cuts and we will get true reform. that's what i want to see in this debate. >> how contentious is this debate going to be? you saw the volatility on wall street. you saw the angst in the consumer. some reflect fled the retail sales report because congress took us over that fiscal cliff. waited until t
two days after reaching that fiscal cliff deal and pressure is already on them to get back to work. the folks behind the fix, debt campaign campaign with print ads saying, hold the applause. i'm getting nods of agreement from mr. polcari. can a divided house get dem dprats missouri? democrat from tennessee, thank you, we appreciate you being here on "power lunch." >> it is good to be here. >> you voted no on the recent debate in congress. how do you plan to vote on the...
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Jan 15, 2013
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. >> it does make no sense, and i'm glad you brought up the fiscal cliff deal, because in the fiscal cliff deal they added $4 trillion of new spending, so that's where i want to get your take on. i understand that you don't want to use the debt ceiling debate as -- as any leverage, you know. this is important. this is important for the u.s. as well as the world, so you don't want to use it as leverage, but why is it that it's always about taking off the gloves and fighting over it rather than coming up with real spending cut ideas? we still have not seen spending cut ideas to what we have, the 16.4 trillion or even, you know, projected spending, so where are the spending cut ideas, and when is that going to happen if you don't use some of these opportunities to actually get spending cuts on the table? >> well, the fortunate part is you follow this stuff, and if they would quit using the word cut. not cutting anything. can't believe when you say change the cost of living allowance to the changed cpi and save 108 billion in ten years or cutting, you know, balancing the budget on the ba
. >> it does make no sense, and i'm glad you brought up the fiscal cliff deal, because in the fiscal cliff deal they added $4 trillion of new spending, so that's where i want to get your take on. i understand that you don't want to use the debt ceiling debate as -- as any leverage, you know. this is important. this is important for the u.s. as well as the world, so you don't want to use it as leverage, but why is it that it's always about taking off the gloves and fighting over it rather...
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a deal is gone on the fiscal cliff. the president warns there will be no more arguments over the debt ceiling. >>> shares in hong kong and australia hit 19-month highs as the cliff is averted for now. european equities continue their rally, as well, despite a worsening of the contraction in eurozone factory activity. >>> we had the final print of eurozone pmis today out for manufacturing. they came in worse than expected. the contraction deepening in spain for 20 months in a row. the u.k. was better than expected. in the u.s. the house deal it avoid the fiscal cliff contains measures to avert the so-called dairy cliff. a lot of different cliffs. the agreement extends the u.s. farm bill by nine months. it had been set to expire monday without the temporary fix, dairy subsidies would have reverted to 1949 levels, meaning milk prices might have doubled to around $7 a gallon this year. congress has time to finalize a five-year, $500 billion farm bill that authorizes spending on crop subsidies and food stamps. still with us
a deal is gone on the fiscal cliff. the president warns there will be no more arguments over the debt ceiling. >>> shares in hong kong and australia hit 19-month highs as the cliff is averted for now. european equities continue their rally, as well, despite a worsening of the contraction in eurozone factory activity. >>> we had the final print of eurozone pmis today out for manufacturing. they came in worse than expected. the contraction deepening in spain for 20 months in a...
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Jan 1, 2013
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as i have said to you from day one, democrats want the fiscal cliff. howard dean said on your program, it is the best deal that they are going to get. the republicans would never go along with and they are going to get tax raises on rich people. and when we go off the physical cliff congress goes back into session. republicans are blamed for the bad economy and roger is right. the three programs, social security and medicare and medicaid have been untouched. roger, the reason i give this one cheer out of three cheers, i think he is right. the democrats are salivating to demonize and this deal is the best they are going to get. >> in this one, some people say, that the real hidden agenda is to break the pledge on tax cuts and break the republican party in two. do you agree with that? >> if we break the party is done. >> and you heard what the great roger stone said. is mr. obama in it to break the party or the gop? >> as a democrat, i wish that, but the reality is he is far more liberal than they think he s he wants the deal. regardless of what howard d
as i have said to you from day one, democrats want the fiscal cliff. howard dean said on your program, it is the best deal that they are going to get. the republicans would never go along with and they are going to get tax raises on rich people. and when we go off the physical cliff congress goes back into session. republicans are blamed for the bad economy and roger is right. the three programs, social security and medicare and medicaid have been untouched. roger, the reason i give this one...
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recently when lawmakers flirted with the fiscal cliff last december the dow fell more than 400 points or 3.1% between december 18th and 28th of the last year. after congress averted the cliff with the deal on new year's day, the dow soared. there are several sectors that could feel the impact of a lengthy government shutdown. a recent goldman sacks report said that companies that derive 20% of their revenues from the government. lockheed martin gets 97% of its sales from government contracts. you don't think about your neighborhood garbage plan. the u.s. farms out a lot of its back office support work to the private sector. among the biggest i.t. and equipment providers, cisco systems, generates 22% of its sales from washington. centene is top on the list relying solely on the u.s. government for its sales. health care stocks may not be as impacted as the other sectors, but that is a whole other can of worms and another story we're going to be following in the coming days and year to come. back to you. >> that gives you an indication of how wide rooechk these consequences can be of al
recently when lawmakers flirted with the fiscal cliff last december the dow fell more than 400 points or 3.1% between december 18th and 28th of the last year. after congress averted the cliff with the deal on new year's day, the dow soared. there are several sectors that could feel the impact of a lengthy government shutdown. a recent goldman sacks report said that companies that derive 20% of their revenues from the government. lockheed martin gets 97% of its sales from government contracts....
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Jan 21, 2013
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cliff deal. he seems to have been a force forex tending debt ceiling in order to gain some time to negotiate. i think all of that argues in favor of some time to get the right things done. >> chuck gabriel, how did you read or hear the president's passage where he talked about medicare and social security and he said the commitments we make to each other through medicare, medicaid, social security, these things do not zap our initiative, they strengthen it. they do not make us a nation of takers, they free us and make this country great. that felt to me like a bit of a stake in the ground by the president. >> yeah. you know, the president last week cast doubt on whether republicans believe in the principles and functions of social security and medicare, etc. so in some respects i think this is kind of a new, improved version of what president clinton did when he was facing a republican congress. he was talking about family values back in the '90s. he said i want a government that values families.
cliff deal. he seems to have been a force forex tending debt ceiling in order to gain some time to negotiate. i think all of that argues in favor of some time to get the right things done. >> chuck gabriel, how did you read or hear the president's passage where he talked about medicare and social security and he said the commitments we make to each other through medicare, medicaid, social security, these things do not zap our initiative, they strengthen it. they do not make us a nation of...
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Feb 11, 2013
02/13
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cliff deal. our negotiations was to get a broad package that had significant entitlement reforms together with revenue. so i think an accurate portrayal of what happened was this has always been for balance growth, ask both sides to come together. and with divided government if you care about moving the country forward, you're going to need that compromise. >> let me switch gears here and ask you a question. we want to ask you about the news item that crass crossed in the last half an hour. that tim cook will be sitting with the first lady at the state of the union tomorrow night. apple is a great company, but why was he chosen to sit with the first lady? >> well, as you said apple is a great american country and it stands for our sense of innovation, entrepreneurship, risk taking. i think that's quite an appropriate person to be in the first lady's box when the president is talking about our economic future and the importance of job creation, manufacturing, innovation, and how we create strong m
cliff deal. our negotiations was to get a broad package that had significant entitlement reforms together with revenue. so i think an accurate portrayal of what happened was this has always been for balance growth, ask both sides to come together. and with divided government if you care about moving the country forward, you're going to need that compromise. >> let me switch gears here and ask you a question. we want to ask you about the news item that crass crossed in the last half an...
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Mar 1, 2013
03/13
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it worked at the fiscal cliff deal when he got them to go along for additional revenue. it worked on the debt limit where they put off until may a new fight on the debt limit. that doesn't mean it's going to work again. >> john, thanks so much. john harwood on the north lawn of the white house. we have our traders with us. guys, i think what's interesting is you have this impasse, certainly a different feeling in the market as we approached the fiscal cliff. stocks moved higher as the president was speaking and it would certainly seem to suggest that the market either thinks what's going on in washington for the time being is irrelevant or other things are trumping everything that's taking place in the nation's capital. >> here's how i see what's going on in the marketplace right now. we talked ism being incredibly important. that's what the street is focusing on. new orders to inventories ratio comes out 4% higher. four points higher. you could say stocks are going higher. but you have to identify what is actually happening in the marketplace. and from what i see right
it worked at the fiscal cliff deal when he got them to go along for additional revenue. it worked on the debt limit where they put off until may a new fight on the debt limit. that doesn't mean it's going to work again. >> john, thanks so much. john harwood on the north lawn of the white house. we have our traders with us. guys, i think what's interesting is you have this impasse, certainly a different feeling in the market as we approached the fiscal cliff. stocks moved higher as the...
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Dec 11, 2013
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reduction we have done since 2011 .continues the precedent that we set in the fiscal cliff deal that see zest ragz shouldn't be replaced with spending cuts alone. this by partisan deal will help millions of americans from wondering if they were going to keep paying the price for d.c. dysfunction. >> congress has to approve it. president obama calls it a good first step. john boehner praised it. joining us is ed o'keefe. ed, very good morning to you. what is it like, this business passing through the house, do you think? >> it looks like they'll probably do it. all indications are they have enough folks in the middle to pass this deal. you pointed out with the lack of unemployment insurance and this really doesn't address the deficit, but the fact that it makes all these other cuts, saves the pentagon, pumps more money into them once again suggests that this is going the happen. the big reason more than any, it's a two-year budget agreement that for the next two years assures that washington isn't lurching from one deadline to the next and allows washington to get back to work on all
reduction we have done since 2011 .continues the precedent that we set in the fiscal cliff deal that see zest ragz shouldn't be replaced with spending cuts alone. this by partisan deal will help millions of americans from wondering if they were going to keep paying the price for d.c. dysfunction. >> congress has to approve it. president obama calls it a good first step. john boehner praised it. joining us is ed o'keefe. ed, very good morning to you. what is it like, this business passing...
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Oct 15, 2013
10/13
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remember all those discussions about the fiscal cliff fiasco and the delays of sending out the reevened checks and walmart saying it was really tough because refund checks weren't going out? that's the concern that people have right now. put up that full screen. setting up the showdown up to january creates that worry that tax refunds might be delayed again. one retail guy very big in the retail area said it could be horrible for christmas sales. he said people rely on that money and it's imminent no deal will get done, they're not going to buy in december. let me talk about the stock market leadership. i was very happy yesterday to note the russell 2000 historic highs. if you look out there, there's very few new highs throughout. yesterday 184 on the nyse. there's 3,000 securities that trade here. look how long it's been since big cap leadership has hit new highs. ibm popped out in march. mcdonalds and at&t popped out in april, exxon mobil in may and july. i would like to see some of the big famous names hit new highs in addition to those small and mid caps. walmart, today is their inv
remember all those discussions about the fiscal cliff fiasco and the delays of sending out the reevened checks and walmart saying it was really tough because refund checks weren't going out? that's the concern that people have right now. put up that full screen. setting up the showdown up to january creates that worry that tax refunds might be delayed again. one retail guy very big in the retail area said it could be horrible for christmas sales. he said people rely on that money and it's...
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Sep 30, 2013
09/13
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i know many business people felt burned by what happened in the fiscal cliff when they wanted a big deal and it didn't happen. but what do you expect on wall street and in major american business life in terms of a reaction to what's going on in pressure on republicans in particular to shut it down? >> i think the pressure's intensifying. two different events in the last two weeks in washington, d.c. where people were talking about, one was fix the debt and other was related to the business round table. concerned about what's happening with the economy generally and what's happening right now in washington. there's pressure to get this resolved. and also recognition if we're going to continue to have a strong economy we need to win this battle. got to get these issues solved. >> all right. let's get to bob. john, you guys have you went for the gray thing. i may do that. >> look at these guys. look at these. >> authenticity. >> i think you guys have colors for credibility is what i think. >> yeah, i have no gray. i go to a colorist to add the gray. this is true. you've got the scoop. >> h
i know many business people felt burned by what happened in the fiscal cliff when they wanted a big deal and it didn't happen. but what do you expect on wall street and in major american business life in terms of a reaction to what's going on in pressure on republicans in particular to shut it down? >> i think the pressure's intensifying. two different events in the last two weeks in washington, d.c. where people were talking about, one was fix the debt and other was related to the...
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Jan 15, 2013
01/13
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we know though just as we saw in the fiscal cliff that a deal will have to be struck to avoid a government shut down. i think he ultimately he will come to the center, depends how much. >> kate, i don't think america is a deadbeat nation and i don't think republicans are deadbeats because they want to cut spending. which is really the big problem. >> yeah, this president has zero interest in cuttings or discussing cutting spending. he's made it clear, carnie made it clear. obama wants to destroy the opposition here. saying that the republicans are holding a gun to the head of the american people, that was a shocking statement that they want to limit payments to the elderly and yet again children with disabilities. this man knows no shame and he is not -- i do not believe he has any interest in coming to the negotiating table. i think he's just using this and his 50 or 53% approval rating as another chance to drive the nail into the coffin of the republican opposition. >> well, molly, on top of that, one little hypocritic thing. when the president was a senator in 2006, he voted against the
we know though just as we saw in the fiscal cliff that a deal will have to be struck to avoid a government shut down. i think he ultimately he will come to the center, depends how much. >> kate, i don't think america is a deadbeat nation and i don't think republicans are deadbeats because they want to cut spending. which is really the big problem. >> yeah, this president has zero interest in cuttings or discussing cutting spending. he's made it clear, carnie made it clear. obama...
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Jul 31, 2013
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if obama's insisting on another big tax increase on top of the fiscal cliff tax hike. >> senator harry reid said last week, tax reform should yield $975 billion. i reckon that he's talking about the obama plan. that is not what i thought was going to happen in terms of a compromise deal. >> i think you're right on that. harry reid is much more of a partisan. i think he's much more carrying water for the white house. max baucus as a committee chairman actually has some responsibilities to try to come up with legislation that can work. and so i think we're seeing some divisions in the democratic party. we see the same thing with the house ways and means committee, where some of the responsible democrats on the committee want to agree to the revenue-neutral condition but then you have some of the ideologues in the leadership, the nancy pelosis of the world and stuff like that. so i'm afraid at the end of the day when this year's over we will have done nothing to fix our big problems. and that hurts our competitiveness. >> one last thing. if you're a small business owner, you're going to p
if obama's insisting on another big tax increase on top of the fiscal cliff tax hike. >> senator harry reid said last week, tax reform should yield $975 billion. i reckon that he's talking about the obama plan. that is not what i thought was going to happen in terms of a compromise deal. >> i think you're right on that. harry reid is much more of a partisan. i think he's much more carrying water for the white house. max baucus as a committee chairman actually has some...
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Oct 14, 2013
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the fiscal cliff played out for weeks and months. the damage was terrible. we have that possibility here. i suspect, in fact, we will get some kind of a deal. we are talking about a deal that lasts a month or two. we are not talking about a solution to the problem. >> robert mcmillan and jordan posner. >>> let's take a closer look at the government shutdown and the effect on the gdp. steve liesman joins us. this is a shutdown that is already happening not any exacerbation that may come from hitting the debt ceiling? >> right. what economists are doing is incorporating the effects of all the uncertainty that this political high jinks is developing. the real effects of the shutdown and the possible effects with the debt ceiling. mark zandi over at moody and goldman sachs, about .5%. that's substantial when you only have about 2.5% growth. action economists, a little more conservative, 0.3%. rdq and jpm, 0 to a few tenths. here is what mark zandi said, a shutdown lasting through the end of october would by itself reduce real growth as much as 1.5% in the first
the fiscal cliff played out for weeks and months. the damage was terrible. we have that possibility here. i suspect, in fact, we will get some kind of a deal. we are talking about a deal that lasts a month or two. we are not talking about a solution to the problem. >> robert mcmillan and jordan posner. >>> let's take a closer look at the government shutdown and the effect on the gdp. steve liesman joins us. this is a shutdown that is already happening not any exacerbation that...
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Jan 3, 2013
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cliff deal. they are extrapolating this to mean that there's going to be no government subsidy cuts in solar and other of these renewable energy sources for solar today again. i find this a little bit of an extravagant claim but that's what's going on today. banks are weak. we've had a great two-day run. big debate about what to do with bank stocks this year. remember the positives, the mortgage banking business is improving, it is a back door play on housing. we have commercial loan growth stronger here. some of the big names are weaker today after a big two-day run. sun trust got a downgrade from some companies today. some of the big regional names are to the downside. i think the big worry here -- and i agree with this -- where are you going to get a dramatic increase in interest rates that will really be necessary for these banks to start making some money on their net interest margins. finally on the retail side, the important thing on retail is a little bit better than expected here in term
cliff deal. they are extrapolating this to mean that there's going to be no government subsidy cuts in solar and other of these renewable energy sources for solar today again. i find this a little bit of an extravagant claim but that's what's going on today. banks are weak. we've had a great two-day run. big debate about what to do with bank stocks this year. remember the positives, the mortgage banking business is improving, it is a back door play on housing. we have commercial loan growth...
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Oct 8, 2013
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on the fiscal cliff at the end of last year was a bad deal from their point of view, that the white house settled for not enough revenue. in fact, this they had gotten some more revenue, they may not need my more right now. >> the republicans think that was an awful position for them to be put in, which is why don't they want to come -- >> what was awful? >> the idea of raising taxes without getting any of their entitlement issues pushed through. they felt like they got taken on that. >> but their entitlement issues are not really their issues. how much have you been hearing them talk about intiethsment this year? not at all. >> i do feel like the president got snookered back in 20121. >> that is crazy. >> it's why they want to come back and raise taxes. >> it's impossible for you to see the other side. >> no. >> but the other side -- >> talk to mitch mcconnell about the fiscal deal. >> you have a drink with mitch mcconnell. >> they still think he took the administration to the cleaners on the fiscal cliff deal and that's what most democrats in the senate think. >> the president sti
on the fiscal cliff at the end of last year was a bad deal from their point of view, that the white house settled for not enough revenue. in fact, this they had gotten some more revenue, they may not need my more right now. >> the republicans think that was an awful position for them to be put in, which is why don't they want to come -- >> what was awful? >> the idea of raising taxes without getting any of their entitlement issues pushed through. they felt like they got taken...
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Jan 14, 2013
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well, they just heard us with the fiscal cliff, they've heard us with the election and the last debt ceiling. and they heard us with the italian bonds. they're saying, maybe the media is too negative. >> speaking of deals, let's talk about one deal that does not look like it's going to happen. u.p.s. is abandoning the takeover of dutch delivery firm citing resistance from european regulators. u.p.s. had sought to buy them for the european network in business in asia and latin america. not entirely a surprise, i would imagine, since the ecb had sent a number of requirements out. >> but melissa, i think there was a generally held belief this was making good progress. i think the reason you're seeing tnt shares down so sharply because it was something of a surprise. you know, it may trade over there, but the fact ,t is owned largely to -- well, over here, and as you might expect hedge funds have been big players in this. they are getting -- well, they're just getting crushed today, as you see that stock down. it was a debate about creating competition there. there appeared to be the dpd
well, they just heard us with the fiscal cliff, they've heard us with the election and the last debt ceiling. and they heard us with the italian bonds. they're saying, maybe the media is too negative. >> speaking of deals, let's talk about one deal that does not look like it's going to happen. u.p.s. is abandoning the takeover of dutch delivery firm citing resistance from european regulators. u.p.s. had sought to buy them for the european network in business in asia and latin america. not...
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Oct 14, 2013
10/13
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you saw the same thing happen with the fiscal cliff. i think a deal gets worked out this week. if you get a hit today, tomorrow into wednesday it's a by. >> and you figure something will happen by then. what's the maximum long-term effect you see if we do finally get something done this week? >> well, i think the big hit, assuming they get something done this week, the big hit for the fourth quarter, we could see growth below 1%. already a lot of damage has been done. we saw that in the unemployment claims numbers. they spiked up. a lot of that was because of glitches in california. 15,000 was because of layoffs in nonfederal workers affected by the federal shutdown. so already it's having an effect. so i would say big hit in the fourth quarter. and if it's all done, then the first quarter and second quarter we could see a bounce back. >> a bounce back above where we would have been normally or -- >> yes. >> -- back to our crappy 2% level? >> no, more than normal in the sense that there are two things happening. one is there's some expenditures happening, spending, cars, that w
you saw the same thing happen with the fiscal cliff. i think a deal gets worked out this week. if you get a hit today, tomorrow into wednesday it's a by. >> and you figure something will happen by then. what's the maximum long-term effect you see if we do finally get something done this week? >> well, i think the big hit, assuming they get something done this week, the big hit for the fourth quarter, we could see growth below 1%. already a lot of damage has been done. we saw that in...
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Oct 16, 2013
10/13
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you know, we've seen quite a few occasions the last few years, a rerun of the fiscal cliff i was on the tv earlier in the year talking about fiscal cliff, or last year. you know, six occasions since 2011 and the market as you quite rightly say is 11% of its highs. they talk about the potential downgrading of debt. you know, the ten-year hasn't even moved. so our clients, i mean, what we do, we take institutional orders and u.s. equities and our clients have just moved to the sidelines. they're fully invested. they've moved to the sidelines. so trading has stopped a bit, but we think that basic lir politicians will come to their senses. and that -- >> essentially, we have priced in -- >> yeah. >> we have priced in that they will do a deal. >> we have, correct. >> and that's wa you're saying, isn't it? >> it is. >> even if we avert them, it doesn't necessarily mean we're going to get an enormous rally. >> and i think people will get back to business. >> we know then we're going to be back here at the end of the year and january and february. and it's all very weary. >> yes, but this is ab
you know, we've seen quite a few occasions the last few years, a rerun of the fiscal cliff i was on the tv earlier in the year talking about fiscal cliff, or last year. you know, six occasions since 2011 and the market as you quite rightly say is 11% of its highs. they talk about the potential downgrading of debt. you know, the ten-year hasn't even moved. so our clients, i mean, what we do, we take institutional orders and u.s. equities and our clients have just moved to the sidelines. they're...
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Mar 1, 2013
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where was the spending cuts on the fiscal cliff deal? now you say, object, give us something and it's like, no, we're going back to -- >> the point is, obama wants $1.332 trillion in tax increases. >> and the inside basis is not woodward at all. the fact that we're sitting here on a much domestic day. it's a right column of the "new york times." a nun with the bird is the main toto. knot, oh, my god, washington is shutting down. >> it's cliff fatigue. and there's a degree of washington has locked in its own passion play and that's it. but it's a fast val on what everyone else is doing. clearly, at least not what has been what the rhetoric has suggested for the past year. >> one question on the woodward thing. >> this is not inside basis. this is -- >> robert redford played this guy in a movie. >> a, if i knew i wouldn't tell you and, b, i don't know. >> do you think it made sterling look better or -- >> i think it made sterling look better. >> but it looks like what happens every day at the -- >> you can't realize where politico got thos
where was the spending cuts on the fiscal cliff deal? now you say, object, give us something and it's like, no, we're going back to -- >> the point is, obama wants $1.332 trillion in tax increases. >> and the inside basis is not woodward at all. the fact that we're sitting here on a much domestic day. it's a right column of the "new york times." a nun with the bird is the main toto. knot, oh, my god, washington is shutting down. >> it's cliff fatigue. and there's a...
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Feb 28, 2013
02/13
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that's what he did on the fiscal cliff. he took the house, the senate version which was a watered down deal. he put it up in the house. he got 40 republicans to vote for it. 170 voted against it. all the democrats voted for it and passed it with democratic votes. if boehner does the same on sequester, he is functionally losing his republican tether. >> it didn't happen the last time and i think some people would say he's trying to govern. he's trying to move the country forward and govern. just because he upsets the crazy right-wing of the republican party doesn't mean there's going to be chaos. >> i want these spending cuts to stay in place. i want spending cuts to stay in place. all they have to do is use this budget cutting sequester and keep that baseline down, keep it down -- >> larry, everybody believes there should be spending cuts. people believe they should be responsible. they should be paired with revenue. >> i want smaller government. >> i got to go. we got more to do. governor chris christie, now we're back on
that's what he did on the fiscal cliff. he took the house, the senate version which was a watered down deal. he put it up in the house. he got 40 republicans to vote for it. 170 voted against it. all the democrats voted for it and passed it with democratic votes. if boehner does the same on sequester, he is functionally losing his republican tether. >> it didn't happen the last time and i think some people would say he's trying to govern. he's trying to move the country forward and...
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Apr 10, 2013
04/13
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at the end of the fiscal cliff. he proposes the to raise that rate to 45%. the president says those breaks for high-income people simply can't be justified. >> there's no excuse to keep these loopholes open. they don't serve an economic purpose. they don't grow our economy. they don't put people back to work. all they do is to allow folks who are already well off and well connected game the system. >> now, maria, the president will not get all of those proposals from congress, but the most important thing in this budget is whether it lures republicans into a negotiation on a budget grand bargain that has some tax increases and entitlement changes. we'll find that out over the next few months. >> thank you, john. i'm back with my co-host for the hour, sam zell. sam, what's your reaction to the president's budget? >> not very realistic, number one. number two, you know, he just went through this fiscal cliff, where he, you know, in effect, extracted significant increases of $600 billion, and, you know, three months la
at the end of the fiscal cliff. he proposes the to raise that rate to 45%. the president says those breaks for high-income people simply can't be justified. >> there's no excuse to keep these loopholes open. they don't serve an economic purpose. they don't grow our economy. they don't put people back to work. all they do is to allow folks who are already well off and well connected game the system. >> now, maria, the president will not get all of those proposals from congress, but...
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Oct 17, 2013
10/13
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we're past that decision, but we turned the calendar into october sort of had to deal with the fiscal cliff and all the other things we're looking at in raising the debt ceiling. hopefully we'll get to see these capital markets activities start to come back. we know what the third quarter was. it was, like you said a disappointing revenue quarter. but as we started to see the first trends of some rebound that we can anticipate in the fourth quarter. >> we had talked before about them, you know, incremental revenue being created with higher margins. is that -- can they still do that? is that story still in play? >> well one of the things that we're looking at today is we have about 50 to 60 cents reduction from last quarter. the market is expecting closer to about 90 cents of reduction in eps. the big difference can be expenses. make some adjustments to what you're looking at in the sense of commissions, looking at what you would look at. year-end types of bonuses and accruals. so we might see a lot bit of that this quart he hoping to soften the month on the revenue side with expense s
we're past that decision, but we turned the calendar into october sort of had to deal with the fiscal cliff and all the other things we're looking at in raising the debt ceiling. hopefully we'll get to see these capital markets activities start to come back. we know what the third quarter was. it was, like you said a disappointing revenue quarter. but as we started to see the first trends of some rebound that we can anticipate in the fourth quarter. >> we had talked before about them, you...
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Dec 11, 2013
12/13
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just like we had a deal over the fiscal cliff. and the other news is that the cuts that have been identified, we have matching revenues that are further down the road to pay for those. so it's a paid-for amendment to the budget control act. these are things that when we move the outlook to stable in june, they're consistent with that. so we would see the upward and downward pressure on the rating as balanced at the aa-plus level. >> one absence from the agreement, john, is there is no agreement on the debt ceiling. of course, we're going to hit that again in february, and treasury has said that it could possibly last until the middle of march with the money it has on hand. walk us through what will happen come february in your estimation. >> well, it could be contentious again, as it's been contentious so many times in the past. most notably, back in october and again in august 2011. since 1960, we've raised the debt ceiling about 100 times. so it's something that we've constantly bumped up against. our expectation is that you cou
just like we had a deal over the fiscal cliff. and the other news is that the cuts that have been identified, we have matching revenues that are further down the road to pay for those. so it's a paid-for amendment to the budget control act. these are things that when we move the outlook to stable in june, they're consistent with that. so we would see the upward and downward pressure on the rating as balanced at the aa-plus level. >> one absence from the agreement, john, is there is no...
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Jan 15, 2013
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cliff and first budget deal and debt downgrade, all of these things and the economy has continued to move forward. that's what we think will happen here in the future. we also think stocks are very undervalued. so if we do get a grand bargain without some major increase in taxes and we actually get some kind of reform and entitlements or spending pullbacks, it could cause a boom in the economy. it could cause a boom in the stock market as well. >> of course, there are always those who may say it's a plow horse but we've stuck full of open pea yes, ma'am and growth hormone courtesy of the fed. >> right. >> they say an exit may happen sooner rather than later. that's a mixed picture. how likely is it, in your view? >> i hope they exit earlier rather than later. here's our view. and i can only do it in a nutshell. that is, the quantitative easing, because bank have taken that money and given it right back to the fed in the form of excess reserves, that qe itself has not lifted the economy. it's not growth hormone. what has been helping the economy is very low interest rate, 0 basically
cliff and first budget deal and debt downgrade, all of these things and the economy has continued to move forward. that's what we think will happen here in the future. we also think stocks are very undervalued. so if we do get a grand bargain without some major increase in taxes and we actually get some kind of reform and entitlements or spending pullbacks, it could cause a boom in the economy. it could cause a boom in the stock market as well. >> of course, there are always those who may...
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Jan 4, 2013
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with the medicare fiscal cliff. this is what the president needs to do for the next two months. this will not happen without presidential leadership and he needs to be as good going across the country persuading us that we don't want to push seniors off the medicare fiscal cliff as he has that we want to raise taxes on the rich. >> do you have any hope over the next two months that you will actually get there on this issue? >> sure, i do. i mean 9 president's beginning his second term. he knows exactly what needs to be done. we've got 40% of the budget restrained to a growth of about the rate of inflation. that's what we call discretionary spending. the mandatory spending, which is going up at the rate of 3 to 4 times inflation is led by medicare. so the president's very skillful. he knowles what to do. he's been told by his debt commission he has several options. he has a lot of us in the senate in a bipartisan way who are willing to work with him on this. this is his job to do. great crises aren't solved except by
with the medicare fiscal cliff. this is what the president needs to do for the next two months. this will not happen without presidential leadership and he needs to be as good going across the country persuading us that we don't want to push seniors off the medicare fiscal cliff as he has that we want to raise taxes on the rich. >> do you have any hope over the next two months that you will actually get there on this issue? >> sure, i do. i mean 9 president's beginning his second...
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the volatility that we saw around the fiscal cliff has been nowhere to be seen in this present time. so what do we -- >> that's a good point. and i think what's interesting is rather than having markets discipline washington, which investors don't like, we see some degree of republican resolve, not on the debt ceiling, but importantly on see quest train stati sequestration. and that's why we saw it as a positive going forward. they sidelined the risk of a rating downgrade. they sidelined the risk of a disorderly jump in interest rates. and i think a lot of people thought one of the big risks for early this year was in 1994 style dislocation of bond markets that would knock down all asset classes, not likely to happen now. >> well, the good news is, it must have been 5 1/2 years now that wall street has been completely focused on washington and seeing what's there. now what do we watch? >> well, gridlock is fine. it's economic terrorism that is not. and that's the situation we were in. we were in a situation where a big block of people in the government were threatening to shut everyt
the volatility that we saw around the fiscal cliff has been nowhere to be seen in this present time. so what do we -- >> that's a good point. and i think what's interesting is rather than having markets discipline washington, which investors don't like, we see some degree of republican resolve, not on the debt ceiling, but importantly on see quest train stati sequestration. and that's why we saw it as a positive going forward. they sidelined the risk of a rating downgrade. they sidelined...
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cliff deal. >> then they want more medicare cutbacks. you take taxes off the table, they take medicare off the table. can you still do something? >> well, the long-term driver of the debt and deficit is health care spending. president obama admitted that. in our dinners. and particularly medicare, in my 30-year projection we showed a $36 trillion deficit in medicare over the next 30 years. it's simply not sustainable, grow gloria. you have to start off with the facts and figures. figure out what you agree on, the extent of the problem. we need to actually describe it to the american public so they are prepared for the solution. step one, what's the first step in any problem-solving process? admit you got a problem, right? >> everybody admits that. >> no, they do not. >> senator, that's one of the reasons they did obama care because of the driving health care costs. >> didn't we just have a report the medicare actuaries says it's going to cost $620 billion more over the next ten years than had we not done obama care. so we did not solve t
cliff deal. >> then they want more medicare cutbacks. you take taxes off the table, they take medicare off the table. can you still do something? >> well, the long-term driver of the debt and deficit is health care spending. president obama admitted that. in our dinners. and particularly medicare, in my 30-year projection we showed a $36 trillion deficit in medicare over the next 30 years. it's simply not sustainable, grow gloria. you have to start off with the facts and figures....
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cliff deal. so let me ask you about that specifically, because this whole tax issue, adam davidson and i quote him every single night so i hope he listens, co-founder of npr's planet money noted in the "new york times" that increasing the middle class tax burden by an additional 8% would have a bigger impact than taxing millionaires at 100% and of course, congressman, leaders of your own party, bill clinton also knows this. here's bill clinton at a conference i was at with him a year ago. >> i think you could tax me at 11 00% and you wouldn't balance the budget. we all have to contribute to this. if middle class people's wages were going up again and we had some growth in the economy, i don't think they would object to going back to the tax rates that i obtained when i was president. >> isn't the honest thing to tell the american people if you're going to be raising money by raising taxes that it has to be on more than just a few at the top? >> no, i think the honest thing is to take a balanced a
cliff deal. so let me ask you about that specifically, because this whole tax issue, adam davidson and i quote him every single night so i hope he listens, co-founder of npr's planet money noted in the "new york times" that increasing the middle class tax burden by an additional 8% would have a bigger impact than taxing millionaires at 100% and of course, congressman, leaders of your own party, bill clinton also knows this. here's bill clinton at a conference i was at with him a year...
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>> if you look back to last december up to january 2nd when the fiscal cliff deal was resolved, there was a big tax increase done in that. we look at that and say there's the president's tax increase he asked for. it's done. we still have to deal with a lot of other cuts. this is not some kind of draconan pace. we have to look at entitlements and how we handle things. if we can't resolve a long frame window like was done with tip o'neill and ronald reagan when they looked 30 years out to stabilize social security, we won't be able to fix it in a week. right now, social security and disability, we are two and a half years from being insolvent and we're still nipping around the edges when we know we're that close. >> congressman, thanks so much for coming in. we appreciate it. hope you come back. >>> many counterterrorism officials say that africa, not pakistan or afghanistan, africa is now the central front in the u.s. military's war against al qaeda and we saw that in two strikes over the weekend. two u.s. strikes. in somalia, the target was the leader of al shabaab, the group behind
>> if you look back to last december up to january 2nd when the fiscal cliff deal was resolved, there was a big tax increase done in that. we look at that and say there's the president's tax increase he asked for. it's done. we still have to deal with a lot of other cuts. this is not some kind of draconan pace. we have to look at entitlements and how we handle things. if we can't resolve a long frame window like was done with tip o'neill and ronald reagan when they looked 30 years out to...
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deal in august, excuse me, debt ceiling deal in august of that year and had the fiscal cliff earlier in january of this year and had a continuing resolution deal in march, all four of those together have narrowed the deficit. that's why it's half of what it was three years ago, all four of them were bipartisan. looks to me like we're on the edge of doing the same thing again but perhaps in a bigger way and more productively. >> i want to play a quick clip of the interview with ted cruz out of "cross fire." let's see what he said. >> they followed you into a ditch and now there is obviously no chance obama care will be defunded and we're on the brink of a horrific default. do you think that in the reflection of your own heart you might say you know what, i'm a new kid here. i think i owe you guys an apology. >> van, i know you desperately want to change the top pick from obama care and it's striking -- >> on the default? on the default? on the world economy. >> van, let me answer -- >> yes, sir. >> let me answer your question. democrats in this town do not want to discuss obama care.
deal in august, excuse me, debt ceiling deal in august of that year and had the fiscal cliff earlier in january of this year and had a continuing resolution deal in march, all four of those together have narrowed the deficit. that's why it's half of what it was three years ago, all four of them were bipartisan. looks to me like we're on the edge of doing the same thing again but perhaps in a bigger way and more productively. >> i want to play a quick clip of the interview with ted cruz...
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that's what they did in january when we had the fiscal cliff and they agreed to a new deal that raised the debt ceiling. that will happen again this time with the stock market and -- but anything that -- doesn't absolutely have to be done. >> ryan lizza is jumping in. >> i think you're being be overly optimistic. remember the pressure on the fiscal cliff was that taxes were going to rise. there was a pretty serious policy reason for republicans to not want that to happen. what happens with the debt default depends on what lessons both parties take from this can current debate. if the republicans extract some policy concessions from white house over the government shutdown, what does that do to the psychology of the republicans and the house going into the debt default? maybe it worked with the shutdown. maybe it's not such a big gamble to extract more policy concessions. >> let me ask ben this question because there's a bigger thing here at play. there's the 2016 election. you guys have lost twice now. you're desperate to get back into power. how is that going to happen if your own par
that's what they did in january when we had the fiscal cliff and they agreed to a new deal that raised the debt ceiling. that will happen again this time with the stock market and -- but anything that -- doesn't absolutely have to be done. >> ryan lizza is jumping in. >> i think you're being be overly optimistic. remember the pressure on the fiscal cliff was that taxes were going to rise. there was a pretty serious policy reason for republicans to not want that to happen. what...
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debt ceiling in 2011 and when it came to the fiscal cliff of last year. it's no secret as dana knows all too as well, there are lots of democrats, most prominent among them, harry reid, the democratic leader in the senate, who thought that the democrats got the short end of the stick in some of these deals so he is not eager to have joe biden back in this. but i've spoken with people close to joe biden, but say what is joe biden supposed to do? there is no negotiation going on. this is a very different time. this fight is predominantly in the house, by the way, and not in the senate. and, by the way, mitch mcconnoll, with whom joe biden has worked in the past, has a tough re-election fight. he is not a leader in trying to get a deal worked out in all this. you're shaking your head because he is nervous about it. what i was told, though, that might have gotten harry reid a little bit upset is biden and mcconnell at the last principals meeting last week when the leads met with the president, biden and mcconnell walked out together and had a bit of a convers
debt ceiling in 2011 and when it came to the fiscal cliff of last year. it's no secret as dana knows all too as well, there are lots of democrats, most prominent among them, harry reid, the democratic leader in the senate, who thought that the democrats got the short end of the stick in some of these deals so he is not eager to have joe biden back in this. but i've spoken with people close to joe biden, but say what is joe biden supposed to do? there is no negotiation going on. this is a very...